Fieldview Capital Management LLC Invests $1.30 Million in Targa Resources, Inc. $TRGP

Key Points

• Fieldview Capital opened a new position in Targa Resources in the third quarter, purchasing 7,733 shares worth approximately $1.30 million, according to the firm's latest 13F filing.
• Company insiders sold a total of 104,929 shares (~$24.69 million) over the last quarter — including Patrick J. Mcdonie (31,537 shares, ~$7.55M) and D. Scott Pryor (17,500 shares, ~$4.01M) — leaving insiders with about 1.34% ownership.
• Institutional investors own ~92.13% of the stock, with major increases from Vanguard, Geode and others; analysts have a consensus "Moderate Buy" target of ~$240.79, and Targa recently beat EPS estimates (reported $2.51 vs. $2.35) while paying a $1.00 quarterly dividend (annualized $4.00, ~1.7% yield).

Fieldview Capital Management LLC bought a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,733 shares of the pipeline company's stock, valued at approximately $1,296,000.

Several other institutional investors and hedge funds have also modified their holdings of TRGP. Vanguard Group Inc. raised its stake in Targa Resources by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company's stock worth $4,755,169,000 after purchasing an additional 422,075 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Targa Resources by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company's stock worth $1,022,222,000 after purchasing an additional 95,611 shares in the last quarter. Norges Bank bought a new position in shares of Targa Resources during the second quarter worth approximately $708,366,000. Canada Pension Plan Investment Board increased its holdings in shares of Targa Resources by 12.0% during the second quarter. Canada Pension Plan Investment Board now owns 1,886,844 shares of the pipeline company's stock worth $328,462,000 after purchasing an additional 201,927 shares during the period. Finally, Legal & General Group Plc increased its holdings in shares of Targa Resources by 7.2% during the second quarter. Legal & General Group Plc now owns 1,601,244 shares of the pipeline company's stock worth $278,745,000 after purchasing an additional 107,028 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In related news, insider Patrick J. Mcdonie sold 31,537 shares of the company's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the sale, the insider directly owned 305,163 shares in the company, valued at $73,043,815.68. This represents a 9.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider D. Scott Pryor sold 17,500 shares of the firm's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the completion of the sale, the insider directly owned 31,938 shares in the company, valued at $7,311,246.96. This trade represents a 35.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 104,929 shares of company stock worth $24,692,134 over the last quarter. 1.34% of the stock is currently owned by company insiders.

Targa Resources Stock Performance

NYSE TRGP opened at $234.55 on Tuesday. The firm's 50 day simple moving average is $206.47 and its 200 day simple moving average is $181.23. The firm has a market capitalization of $50.42 billion, a price-to-earnings ratio of 27.31, a P/E/G ratio of 1.01 and a beta of 0.84. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $250.00.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. As a group, research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources's payout ratio is 46.57%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TRGP shares. Stifel Nicolaus boosted their price target on Targa Resources from $213.00 to $243.00 and gave the company a "buy" rating in a research note on Friday, February 20th. TD Cowen raised their price objective on Targa Resources from $192.00 to $220.00 and gave the stock a "hold" rating in a research note on Monday, February 23rd. Weiss Ratings raised Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, January 29th. Royal Bank Of Canada upped their target price on Targa Resources from $218.00 to $260.00 and gave the company an "outperform" rating in a research report on Friday, February 27th. Finally, Barclays restated an "overweight" rating and issued a $226.00 price target on shares of Targa Resources in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $240.79.

Targa Resources Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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